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When an economic activity affects someone who is not involved in the activity, the effect is called an externality
. We'll study the effects of both negative and positive externalities. We will also address the market for labor, where individuals decide how willing they are to supply labor, and firms decide how willing they are to buy it. Finally,we will cover consumer preference. What makes buyers happy, and how can we measure that happiness?Special Topics in Microeconomics is the fourth of eight SparkNotes Economics guides. It covers the following topics:
- Externalities
- Labor
- Preference and Choice
Visit all the SparkNotes Economics guides here:
